Argentine Sovereign Bonds Surge as International Markets Respond Favorably to Domestic Deficit Reduction Targets
Prices for Argentine sovereign dollar-denominated debt have surged across international trading desks, significantly compressing the national country risk premium to its lowest level in several years. The aggressive market rally reflects growing confidence among Wall Street and international institutional investors in the political durability of the fiscal austerity program and the commitment of the government to honoring international debt obligations.